In the first three months of KiwiSaver the enrolment figures have already broken through the 200,000 mark, Finance Minister Michael Cullen and Revenue Minister Peter Dunne said today.
As of 5 October, the total number of KiwiSaver enrolments processed by Inland Revenue had reached 212,794. This is a 64% increase in enrolments since the end of August.
“Hundreds of thousands of New Zealanders are now finding it easier to save for their retirement by joining KiwiSaver,” the Ministers said.
“Members who joined in July already have their retirement savings working for them – last week the first contributions were transferred to KiwiSaver scheme providers. Over $41 million is forecast to go to providers in October, of which $32 million will be government contributions that include the $1,000 kick-start and half the $40 annual fee subsidy.”
The Ministers provided a breakdown of the 212,794 enrolment figure:
- 101,748 people actively chose a provider and went directly to a scheme to enrol
- 67,028 people actively chose to join KiwiSaver and enrolled via their employer
- 44,018 new employees were automatically enrolled by their employer.
These figures are net of 21,113 opt-outs also received.
Demographic data indicates that while the KiwiSaver enrolment rate increases as people near 65 years of age, almost half (49%) of people joining KiwiSaver are younger than 45. Members under 20 years of age are 8.6% of the total.
“Many parents clearly wish to give their kids a head-start and view KiwiSaver as important for their children’s future. It is also great to see a lot of younger people entering the workforce are getting into the saving habit early,” the Ministers said.
Other demographic data released by the Ministers showed that KiwiSaver enrolment figures by gender were generally even, with 52% female and 48% male.
“KiwiSaver is off to a very good start, and it is encouraging that so many people have decided joining KiwiSaver is the right choice for them. The latest enrolment numbers reinforce that KiwiSaver is a simple and appealing way to save for retirement for a broad range of New Zealanders.”